Financing in Singer Island>Question Details

Amf, Other/Just Looking in Singer Island, FL

I live in Ohio and was told by a mortgage broker that it will be very hard to find financing in Florida??

Asked by Amf, Singer Island, FL Thu Feb 3, 2011

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9
Hi Amf,

Not to jump on the 'band wagon' here on other's answers, yet I think its absolutely prudent in determining what your looking for. Condo purchasing is contingent on HOA Financial Status, number of units occupied and of course the amount your financing. So many condos are at too much of an all time low which makes it difficult to get a loan as the amount proposed to borrow is far below a Lender's minimum requirements.

On the other hand... if you are purchasing a single family home, your credit is in fair to good standing and you meet the standard requirements on your debt-to-income ratios I think Florida is a terrific option. As in the 1980's prices are at an incredible low. I remember my parents purchasing a home in California during that time and selling it for quadruple the price ten years later.

Oh, and by the way, 85 degress and sunny today.

Gina Guarnieri, LLO
866-676-8207
1 vote Thank Flag Link Thu Feb 3, 2011
Where does this Mortgage Broker live and work?

He or She does not know our area. There is financing...many options for a qualified buyer. The Treasure Coast has much to offer. For direct lender information, just get in touch and I'll give you contact information.

Debbie Albert. PA
Keller Williams of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Fri Feb 4, 2011
I don't know why a mortgage broker would tell you that other than that there might be deficiencies in your application that could make it difficult. If that's not the case, then maybe you need to deal with a local (Florida based) mortgage broker who has the experience necessary to get the deal done whether its a condo or single family home.

Contact me at either markdoringpa@gmail.com or at 561-929-0428 and I can help you both as a Realtor and as a licensed mortgage broker.

Mark Doring
561-929-0428
West Real Estate, Inc.
0 votes Thank Flag Link Thu Feb 3, 2011
Hi Amf,

My husband and I are Realtors who specialize in Singer Island properties and we have been a residents here for almost 20 years. The best advice I can give you is to speak with a mortgage broker in this area to find out what type of mortgage best suits the property you are interested in buying and to find out how much you are qualified to borrow. Contact me and I will refer you to a mortgage broker for an interview.

Judy McAdams, Realtor
Keller Williams Realty of the Palm Beaches
2901 PGA Blvd. #100
Palm Beach Gardens, FL 33404
561-358-0716
Judy@SingerIslandLifestyles.com
0 votes Thank Flag Link Thu Feb 3, 2011
Amf,

This is a great question.

In many areas 100% financing is available.

Loans are being closed everyday.

The number of homes sold in my area each day is climbing.

There are a few main benefits to buying in Florida right now.

Homes are at or below 2001 levels in our area.

No State income tax.

Warm climate.

Thanks
0 votes Thank Flag Link Thu Feb 3, 2011
Hello , I am a Realtor that works and lives on Singer Island, there are many factors when getting financing to purchase a home or condo...should you want to discuss in details feel free to call me ..I can put you in contact with our Mortgage department.. JUST ASK A LOCAL..?

Marcy Hocking
Illustrated Properties
1265 Plaza Circle
Singer Island, FL 33404
561-236-4509
SingerIslandRealtor@gmail.com
0 votes Thank Flag Link Thu Feb 3, 2011
AMF,

Hi I am in your area, Brightgreen as a whole is closing 100+ loans a month in Florida. The hardest part is the condos as they are not very full and if you dont have cash or use Fannie or Freddie you cannot buy.

Here is a link to Fannie Forclosures in the area, we are the exclusive Florida lender for these, if you are looking for a condo.

http://www.homepath.com

In Lee and Collier FHA -3.5% down and USDA 102% financing are very popular if this is a primary, if secondary then there are alot more choices for loans in conventional and Jumbo loans.

Values are down now is the time to buy!

Mortgage Banker

Brightgreen Home Loans

1605 B Prosperity Farms Rd
Lake Park Florida 33403
Phone: 561-210-3000 Cell 239-580-9977
Fax: 561-624-1764
cashton@bghloans.com
0 votes Thank Flag Link Thu Feb 3, 2011
Amf,

Not sure why they would say that. I see you have referenced Singer Island so it may be you are looking at condominiums which are certainly more stringent than single family but those restraints have been eased in many cases. Money is flowing freely.

There are some great condo options and I have an amazing direct lender you may wish to contact. If you are interested please feel free to contact me at the e-mail address below.

Tremendous buying opportunities depending on your goals and if I can be of service in any way just let me know.


Always at Your Service,


Tom Priester. e-PRO
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Thu Feb 3, 2011
Loans are closing regularly in Florida. It depends on your debt to income ratio and the type of property you are purchasing. You should contact a mortgage broker in FL.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Thu Feb 3, 2011
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